Environment & Energy news

Eco-friendly Car Registration in Seoul Rises 20%

04/24/2014SMG4744

With the rising awareness of environmental issues and economic efficiency, the number of eco-friendly, low-emission vehicles, such as hybrid cars, registered with the Seoul Metropolitan City Government increased 20 percent in 2013 from the previous year.

On average, hybrid vehicles have 55 percent higher fuel efficiency than conventional gasoline vehicles of the same class. This allows drivers of hybrid cars to save KRW 1.2 million in fuel cost (assuming a gasoline price of KRW 1,800 per liter) every 20,000 kilometers.

<The purchase of a hybrid car can bring savings of up to KRW 4.7 million on taxes, including special excise tax and acquisition tax>

Drivers can save up to KRW 4.7 million on taxes, including individual consumption tax and acquisition tax, with the purchase of a hybrid car.

Category

Tax

Financial Assistance

Effective Term

Hybrid car

Purchase

Individual consumption tax

Maximum KRW 1 million exempted

Until Dec 31, 2015

Education tax

Maximum KRW 300,000 exempted

Register

Acquisition and registration taxes

Maximum KRW 1.4 million exempted

Until Dec 31, 2014**

Purchase Cost of City Railway Bonds

Maximum KRW 2 million exempted *

<Exemption from paying tolls at Namsan Tunnels 1 and 3, and 50% discount on parking fees at city-operated public parking lots >

Classes 1 and 2 low-emission vehicles that are registered with the Seoul Metropolitan Government and display the electronic sticker below are exempt from paying congestion tolls (KRW 2,000) at Namsan Tunnels 1 and 3.

Electronic Sticker

In addition, vehicles displaying low-emission vehicle stickers will get a 50 percent discount on parking fees at city-operated public parking lots, and up to an 80 percent discount on subway station parking spaces.